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Causality Implications of the Public-Finance Approach to Inflation and Seigniorage
Diba, Behzad; Martin, Philippe - C.E.P.R. Discussion Papers - 1995
Recent empirical tests of dynamic optimal seigniorage models focus on their `smoothing' and long-run implications. The models also imply that the optimal policies are forward looking; that is seigniorage revenues depend on expected future government expenditures. We report causality tests of...
Persistent link: https://www.econbiz.de/10005666468
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Granger Causality of the Inflation-Growth Mirror in Accession Countries
Gillman, Max; Nakov, Anton - C.E.P.R. Discussion Papers - 2005
The Paper presents a model in which the exogenous money supply causes changes in the inflation rate and the output … growth rate. While inflation and growth rate changes occur simultaneously, the inflation acts as a tax on the return to human … the income velocity of money that can break the otherwise stable relation between money, inflation, and output growth …
Persistent link: https://www.econbiz.de/10005791637
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The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility
Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1986
It is often argued that the EMS is an effective disciplinary device for inflation-prone countries in the EEC, since it …-makers in high-inflation countries: the reason is that not only it attaches an extra penalty to inflation (in terms of … inflationary finance, we find that they will always prefer EMS membership. When the policy-maker needs revenue from the inflation …
Persistent link: https://www.econbiz.de/10005791653
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The Economics of Secession – Analysing the economic impact of the collapse of the former Yugoslavia
Rodriguez-Pose, Andres; Stermsek, Marko - C.E.P.R. Discussion Papers - 2014
This paper looks at the economic impact of secession through the lens of the disintegration of the former Yugoslavia … away from the former Yugoslavia delivered an ‘independence dividend’ to the newly independent countries and whether b …
Persistent link: https://www.econbiz.de/10011083216
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Determinacy in New Keynesian Models: a role for money after all?
Minford, Patrick; Srinivasan, Naveen - C.E.P.R. Discussion Papers - 2010
The New-Keynesian Taylor-Rule model of inflation determination with no role for money is incomplete. As Cochrane (2007a … invoked if inflation misbehaved. Thus we answer the criticisms levelled at the Taylor Rule that it has no credible mechanism …
Persistent link: https://www.econbiz.de/10008466336
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The Determinants of the Money Multiplier in the United Kingdom
Beenstock, Michael; Chan, Kam-Fai - C.E.P.R. Discussion Papers - 1986
We use annual data drawn from 1950-85 to estimate an econometric model of the money multiplier for the United Kingdom. We define the money multiplier as ratio of the money stock broadly defined (M3) and the monetary base (M0), and then decompose the multiplier into the currency ratio, the time...
Persistent link: https://www.econbiz.de/10005497753
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Monetarism rides again? US monetary policy in a world of Quantitative Easing
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - C.E.P.R. Discussion Papers - 2014
This paper gives money a role in providing cheap collateral in a model of banking; this means that, besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0 in open market operations, so that even when the zero bound prevails...
Persistent link: https://www.econbiz.de/10011084208
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Investment and Instability
Campos, Nauro F; Nugent, Jeffrey B - C.E.P.R. Discussion Papers - 2000
Although recent research has repeatedly found a negative association between investment and political instability, the existence and direction of causality between these two variables has not yet been investigated. This paper empirically tests for such a causal and negative long-run relationship...
Persistent link: https://www.econbiz.de/10005791838
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Granger Causality and Policy Ineffectiveness: A Rejoinder
Buiter, Willem H. - C.E.P.R. Discussion Papers - 1986
In an earlier paper "Granger-causality and Policy Effectiveness" Economica (1984), I showed that for a policy instrument x to Granger-cause some target variable y it is not necessary for x to be useful in controlling y. (The argument that it is not sufficient was already familiar, e.g. from the...
Persistent link: https://www.econbiz.de/10005504347
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Markov Switching Causality and the Money-Output Relationship
Psaradakis, Zacharias; Ravn, Morten O; Sola, Martin - C.E.P.R. Discussion Papers - 2003
The empirical relationship between money and output is one of the most studied issues in macroeconomics, and a large literature has examined the causal links between monetary variables and output. One puzzle from this literature is that the results of causality tests appear to be sensitive with...
Persistent link: https://www.econbiz.de/10005114140